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AG2R Pension Fund is the fourth mandatory private pension administrator
(pillar II) that submitted to the Private Pension Supervisory
Commission (CSSPP) a request for withdrawal of the administration
license to leave this market, following the model of MARFIN, ZEPTER and
MKB ROMEXTERRA, stated sources on the market, for
www.privatepensions.ro.
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"Earning the population’s confidence in the voluntary pension system is
a slow and lengthy process, but the continuous increase in the number
of participants and the total net assets of the funds are positive
signs for the system’s future”, stated the experts of the Private
Pension Supervisory Commission (CSSPP) in the quarterly report on the
voluntary private pension market (pillar III) published at the end of
last week.
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The voluntary private pension funds (pillar III) had the following
portfolio structure at the end of March: 71% state securities, 15% bank
deposits, 7% shares, 5% traded corporate bonds and 2% mutual funds,
according to the market’s quarterly report, published today by the
Private Pension Supervisory Commission.
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MKB ROMEXTERRA Pension Fund received the CSSPP’s approval to withdraw
the license as mandatory private pension administrator (pillar II)
today, thus becoming the third company to go out this business, after
MARFIN and ZEPTER. The request was submitted yesterday and approved
today by the Private Pension Supervisory Commission (CSSPP).
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The mandatory private pension funds (pillar II), to collect the first
money from the contributions on the 20th of May, can buy newly issued
state securities (on the primary market) on May 22nd and 28th,
according to the issuing calendar published by the Ministry of Economy
and Finance.
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The norm on the continuous enrolling to the mandatory private pension
funds (pillar II) was published in the Official Gazette on April 25th,
when the process has officially started, as announced yesterday by the
Private Pension Supervisory Commission (CSSPP). However, the companies
had received CSSPP’s permission to start the continuous enrolling
process for the private pension funds on January 18th already.
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The Ministry of Finance announced today they will develop the state
securities market by increasing the issuing volume, expanding the
maturities (by introducing the 15 year maturity securities) and even by
the possibility of issuing securities indexed with the inflation rate,
according to the government’s strategy on public debt management for
2008-2010.
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The Ministry of Finance issued one-year maturity securities yesterday,
the average return per issued securities being 10.22%, thus exceeding
the 10% threshold for the first time over the last year and a half,
since the regular issuing of such instruments started again.
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ZEPTER Pension Fund, the 16th company managing mandatory private
pensions (pillar II), submitted today the request for withdrawal of the
administration authorization (license) to leave the market, following
MARFIN’s example two weeks ago.
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The law on adopting the Emergency Ordinance 112/2007, amending the
other two laws on private pensions, went back to the Parliament, after
being rejected from promulgation by president Traian Basescu and sent
for re-examination in the legislative chamber. The Senate’s Economic
Commission analyzed the Law on adopting EGO 112/2007 yesterday, to be
sent to the Labor Commission and then in a plenary session, to be
voted.
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The Private Pension Supervisory Commission (CSSPP) withdrew the
authorization of OTP Pension Broker, upon the company’s request,
according to the institutions’ announcement, made today. Thus, the
company left the private pension brokerage market.
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Almost 68% of the voluntary pension funds’(pillar III) participants
enjoy this benefit as part of the salary package, as their employer
makes the contributions on their befalf, according to an analysis of
www.privatepensions.ro, based on data from the pension companies. The
information was valid at the end of March 2008, thus being the most
recent data available on the market.
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The voluntary pensions market (pillar III) might experience a maximum
increase by 200,000 in the number of participants this year, compared
to the approximately 56,000 at the end of last year, states Mihai
SEITAN, director general of the FINCOP pension broker. During the
mandatory pension campaign, FINCOP was the market’s second largest
pension broker, the company’s next step consisting of selling voluntary
pensions, soon to start.
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At the end of February, the market’s seven voluntary pension funds
(Pillar III) had almost 65% of their net assets invested in T-bills,
T-bonds and municipal bonds, according to the data provided to
www.privatepensions.ro by the Private Pension Supervisory Commission
(CSSPP).
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BRD Pension Fund, the market’s ninth biggest mandatory pensions company
(pillar II), is getting ready to submit the authorization file for the
license to administrate voluntary pensions (pillar III) as well, stated
Damien MARECHAL, CEO of BRD Pension Fund.
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Brokers intermediated only 4.92% of the total contracts (clients)
concluded by the seven voluntary private pension funds (pillar III) by
the end of February this year, according to the data provided by the
Private Pension Supervisory Commission (CSSPP).
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BROKERPOOL Cluj, FINCOP and SALVE CLUB are the biggest mandatory
private pensions brokers (pillar II), with a cumulated total of almost
520,000 clients attracted in the system during the four months of
direct sales (before the lottery), according to the data provided, in
exclusivity, by the Private Pensions Supervisory Commission (CSSPP).
After the four months of initial enrolling, the number of validated
clients was 3,991,032.
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MARFIN Pension Fund, the market’s smallest administrator of mandatory
private pensions (pillar II), submitted a request for withdrawal of the
license, in order to leave this business, stated Mircea OANCEA,
president of the Private Pension Supervisory Commission CSSPP), for
www.privatepensions.ro.
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